Generally renting is more popular among foreigners that are unsure this is their long term stay in Singapore or not having enough upfront capital to buy a property. Singaporean or Singapore permanent resident with family would prefer to buy a HDB flat (New BTO or Resale HDB minimally) or Private Property as this is cheaper in the long term compare to rental. In addition, resale HDB comes with some form of subsidy from government as highlighted below (do refer to HDB website for more info). Those with a bit more budget will look for Executive Condominium or Private Property either for better lifestyle living or property appreciation.
If you still not decisive on choosing to rent or buy a private property, you may refer to Propnex’s site below for a comparison: https://www.propnex.com/picks-details/426/buying-property-for-own-stay-versus-buying-for-rental-factors-to-consider
Whether you are looking to rent out your unit or finding a unit for rent (private or HDB), you may consult me for a free review on the latest market price or possible strategy to achieve your objective.
For Singaporean, permanent resident and foreigners who still need a roof for staying due to work or new house not ready in time, renting a house/room in Singapore is the next option unless your friend/relative can offer you a free stay here. With slow growing population of Singapore at 1.1% in Year 2020 and more needed to work from home with private space, there is a trend that more potential tenants are looking for more space in their house or room rental.
I summarised the items or criteria for tenant to check-out before proceed for rental:
- Confirm your budget and period of stay. For HDB the minimal period is 6 months and for private property is 3 months.
- For non-permanent residents, ensure you have the approved work permits/passes
- Choose the location that is convenient and note that there is a limit of number of personnel renting a HDB flat or private property.
- Search property web sites like property guru, carousell, iproperty, edgepro etc for the unit you are interested
- You may contact the landlord/real estate agent to understand the unit or just look for an agent to represent you for finding a unit of your interest. An agent who represent you will help you secure a unit with your best interest dealing with the landlord or tenant.
- In this period of pandemic, it is common to get the agent/landlord to provide a video show of the house before making a final decision to view on-site.
When it comes to renting properties in Singapore, you can choose to either market the house on your own or use the services of a property agent, which is the recommended way to rent in Singapore. As per the usual Singapore-style, there are many rules and regulations involving property rentals. Therefore, it is best to hire someone who knows the ins and outs of the industry to avoid any mistake or run against the law. Another reason to use a property agent is due to the fact that some landlords in Singapore would rather deal with an agent rather then the potential tenant directly. If you are working with a real estate agent, do confirm he/she is representing the tenant or the landlord. If the agent is getting the commission from the landlord, then he/she will not get any commission from tenant as this will lead to a dual representation that is forbidden under the Council of Estate Agencies (CEA) Act. Following are the guided rental price for HDB in Q1 2021 for consideration.
If you have more budget and required more privacy and nice facilities like swimming pool for the family, you can check out the private residential property. Price generally vary according to location, age of property and facility. The following are the private property rental price
As a tenant that is alone, the good option is either renting a 1-bedroom condo unit or HDB unit/room. For renting a room, you will share the unit with other tenants or you can find friends to share with you to rent the whole unit. If you rent the whole unit, you will pay the utilities bill that you have control by yourself. If you share the unit with other tenants, then there will be an agreement how the utilities bill is paid by each tenant in the rental contract. Generally it is good if you can stay at a unit that’s is not occupied by the owner to avoid conflicts.
You may noted that the rental price has risen over the last 2 quarters in Singapore for HDB. For private property in the East and North East, it has somehow stabilised after peaking in May 2021. This is due to demand & supply (reduce of supply due to construction delay as a result of COVID-19) that correlate to the increase of property price in the same period. Also more people are looking for bigger house for their family due to WFH arrangement.
Just a glimpse of the high end rental price of integrated private property in city central as shown for last 2 years. The average rental is $7.26 psf per month, which varied very much according to size and location mentioned.
If you need to know more details, cons and pros of any rental property, do connect with me. I have some potential tenants and landlords looking for house renting in the market that meet your needs. As an estate agent, I will provide seamless support in term of fixing the Tenancy Agreement (TA) and finalise the details like lease period of 6 months or more. Be sure to read through the agreement to confirm that everything discussed and promised between tenant and landlord. Only acknowledged after understanding the terms, eg mode of payment, right, diplomatic clause for foreigner and penalty for early termination during the period of stay. There will be an Inventory list that both landlord and Tenant need to acknowledge before the start of tenancy too.